The period of the business cycle which follows the trough is the
A) recession.
B) expansion.
C) peak.
D) All of the above may follow the trough.
B
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All of the following are examples of nonprice rationing devices EXCEPT
A. waiting lists. B. black markets. C. price controls. D. queues.
Specialization and exchange result from differences in productivity that lead to
A) self-sufficiency. B) comparative advantage. C) absolute advantage. D) opportunity cost.
When the colonies obtained independence they were no longer bound by a number of English laws, including the Navigation Acts which restricted and regulated trade. What best describes the impact of the removal of the Navigation Acts for commodities that were imported from England? a. A shift out of the supply curve and a shift back in the demand curve, which lowered prices
b. A shift out in the supply curve, which decreased the price and increased the quantity. c. A shift back in both the supply and demand curves, which decreased quantity. d. A shift back in the demand curve, which lowered both price and quantity.
Which of the following risks cannot be hedged by an insurance?
a. Exports damaged during shipment b. Theft during movement of goods c. An electrical fire at a warehouse d. Decreased sales resulting from poor salesmanship